Unitholders approved changes to the investment objectives of Invesco Advantage Bond Fund to allow for a global multi-sector approach, Toronto-based Invesco Canada Ltd. announced Tuesday.
This will permit the fund to better leverage the Invesco Fixed Income team’s global depth and sector expertise. To reflect this change, the fund will be renamed Invesco Active Multi-Sector Credit Fund, effective the close of business July 27.
“The multi-sector approach will provide for increased diversification across four broad asset classes: global investment-grade credit; global high-yield credit; emerging-markets debt; and bank loans,” Invesco says in a news release.
Unitholders also approved changes to the investment objectives of four PowerShares funds: PowerShares 1-5 Year Laddered Corporate Bond Index Fund; PowerShares Canadian Dividend Index Class; PowerShares Canadian Preferred Share Index Class; and PowerShares FTSE RAFI Canadian Fundamental Index Class.
The changes will allow the portfolio management team to invest in the Invesco ETF that tracks each fund[s respective index, rather than buying and selling the underlying securities that make up each index. This change will provide an operationally efficient means of tracking the performance of each fund’s respective index, Invesco says.